About Pip My System

Dude! So you've read just about everything you could possibly get your hands on about the Forex. Now you want to get your feet wet but aren't sure where to start. Well then this blog is for you! Follow along as I take a simple forex trading system and apply it to an unsimple market. If you're new to the blog you should read this first.

I can not find better words to describe my position on all this than those from Andrei Pehar, Chief Currency Strategist at fxKnight.com.

Andrei says: "I am not opposed to regulation nor regulatory agencies. But that regulation needs to be fair, transparent, and open to public input. Otherwise it becomes corrupt and self-serving. Sure high leverage can get you into trouble if used thoughtlessly. Sure hedging when not done properly turns one loss into two. But I believe the cure is EDUCATION, not restricting what people can and cannot do with their investment decisions. Guide, don’t dominate – government was invented to protect people and their property, not to limit their potential.

News events to watch for today :

Today’s Surf

12:00am EST– There was a moving average crossover for a short trade. RSI was less than 50, stochastics were trending down and MACD went from positive to negative. This was a valid entry.

The entry was at the close of the candle at 1.5115 with a stop at the most recent swing high at 1.5145. Since I was only 15 pips away from the nearest 50 or 00 level (1.5100) I decided to go for the same amount of pips I was risking on the trade, which in this case was 30. This put my initial target at 1.5085.

Entry: Short at 1.5115 Stop: 1.5145 Target: 1.5085

2:00am EST– My target was hit. Price made a clean break so I moved my stop to 1.5085 and set my next target for 1.5050.

2:15am EST– My 2nd target was hit. Price didn’t make a clean break this time so I took my final profit. I exited at 1.5055.

8:45am EST– There was a valid signal here but since it was right before the 9:30am EST news I did not enter.

Quick question, why do you avoid trading during the news? I’ve been blog for some time and it seems like so many times you stay out and the market goes your way…!?!?

Sincerely

MEHung

Hey… I assume all pricing is at the bid price (i.e. when you say you exited at your target of 1.5085, that that is the BID… so you’re actually exiting around 1.5089 or so, correct?? Thanks for sharing!….Mike

LarryLivingston

Hey,
Great work sharing your trades.. Thanks a million.

Quick question, why do you avoid trading during the news? I’ve been blog for some time and it seems like so many times you stay out and the market goes your way…!?!?

Sincerely

kulvadee

Hi PipSurfer
From your experiences, what money mamagement risk% on each trade and how many lots would you recommend for a newbie to start with?
Thanks.

kulvadee

Hi PipSurfer

Regarding News annnouncments on Tools tab, what level news impact do you avoid to trade?
Thanks.

MEHung

Hey… I assume all pricing is at the bid price (i.e. when you say you exited at your target of 1.5085, that that is the BID… so you’re actually exiting around 1.5089 or so, correct?? Thanks for sharing!….Mike

kulvadee

Hi PipSurfer
From your experiences, what money mamagement risk% on each trade and how many lots would you recommend for a newbie to start with?
Thanks.

kulvadee

Hi PipSurfer

Regarding News annnouncments on Tools tab, what level news impact do you avoid to trade?
Thanks.

kulvadee

Hi PipSurfer
From the babypips school said best day of the week to trade is Tuesday and Wednesday, bad time to trade is Fridays, Sundays, Holiday, News reports. I knew that you avoid trading when news nearly releases and I wonder if your system apply to those days mentioned in the school?

kulvadee

Hi PipSurfer
From the babypips school said best day of the week to trade is Tuesday and Wednesday, bad time to trade is Fridays, Sundays, Holiday, News reports. I knew that you avoid trading when news nearly releases and I wonder if your system apply to those days mentioned in the school?

Jabba1

Hi PipSurfer,

thanks for posting your blog and video’s! They are very helpful.
I am a newbie and so I have a few real basic questions regarding your video’s. The first is how are you making money on the trades you did today? Are you buying or selling? And then when there is an purple candle and you say its a valid entry and you mentioned the factors on your chart what do those factors you mention mean and what are they representing? I really appreciate your help.

Jabba1

Hi PipSurfer,

thanks for posting your blog and video’s! They are very helpful.
I am a newbie and so I have a few real basic questions regarding your video’s. The first is how are you making money on the trades you did today? Are you buying or selling? And then when there is an purple candle and you say its a valid entry and you mentioned the factors on your chart what do those factors you mention mean and what are they representing? I really appreciate your help.